Alberta Investment Management Corp Raises Holdings in Shopify Inc. (NYSE:SHOP)

Alberta Investment Management Corp raised its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 17.2% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,039,645 shares of the software maker’s stock after buying an additional 299,510 shares during the quarter. Shopify comprises 1.4% of Alberta Investment Management Corp’s investment portfolio, making the stock its 6th largest position. Alberta Investment Management Corp’s holdings in Shopify were worth $216,952,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in SHOP. Sumitomo Mitsui DS Asset Management Company Ltd grew its position in shares of Shopify by 1.2% in the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 16,079 shares of the software maker’s stock worth $1,289,000 after buying an additional 194 shares during the last quarter. Blue Trust Inc. boosted its position in shares of Shopify by 96.1% during the third quarter. Blue Trust Inc. now owns 5,468 shares of the software maker’s stock valued at $438,000 after purchasing an additional 2,680 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its position in shares of Shopify by 14.8% during the third quarter. Allspring Global Investments Holdings LLC now owns 189,827 shares of the software maker’s stock valued at $15,213,000 after purchasing an additional 24,472 shares in the last quarter. Wealth Effects LLC bought a new stake in shares of Shopify during the third quarter valued at approximately $206,000. Finally, Toth Financial Advisory Corp raised its stake in Shopify by 375.6% during the third quarter. Toth Financial Advisory Corp now owns 6,135 shares of the software maker’s stock valued at $492,000 after buying an additional 4,845 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors.

Shopify Stock Up 0.7 %

Shares of NYSE:SHOP opened at $129.20 on Wednesday. The stock has a market cap of $166.94 billion, a P/E ratio of 83.35, a price-to-earnings-growth ratio of 5.06 and a beta of 2.47. Shopify Inc. has a 52-week low of $48.56 and a 52-week high of $129.38. The business’s 50 day moving average is $112.48 and its 200 day moving average is $94.23.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.10). Shopify had a return on equity of 12.00% and a net margin of 22.74%. On average, sell-side analysts anticipate that Shopify Inc. will post 1.11 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

SHOP has been the subject of a number of recent research reports. JPMorgan Chase & Co. lifted their price objective on Shopify from $121.00 to $124.00 and gave the company an “overweight” rating in a research note on Wednesday, February 12th. Atb Cap Markets cut Shopify from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 12th. Citigroup upped their price objective on Shopify from $143.00 to $175.00 and gave the company a “buy” rating in a research report on Tuesday, February 11th. Jefferies Financial Group upped their price objective on Shopify from $110.00 to $130.00 and gave the company a “hold” rating in a research report on Tuesday. Finally, Phillip Securities cut Shopify from a “strong-buy” rating to a “moderate buy” rating in a research report on Monday. One research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Shopify currently has an average rating of “Moderate Buy” and an average price target of $126.31.

Shopify Profile

Shopify Inc, a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, Australia, China, and Latin America. The company’s platform enables merchants to displays, manages, markets, and sells its products through various sales channels, including web and mobile storefronts, physical retail locations, pop-up shops, social media storefronts, native mobile apps, buy buttons, and marketplaces; and enables to manage products and inventory, process orders and payments, fulfill and ship orders, new buyers and build customer relationships, source products, leverage analytics and reporting, manage cash, payments and transactions, and access financing.